The major maneuvers surrounding Monte dei Paschi's offer for Mediobanca continue. The latest news comes from Blackrock, up to 5,011% of MPS, according to the latest Consob communications. The stake is held indirectly, of which 3,1% is held in shares, 0,548% in potential form, and the remaining 1,289% is held in long positions. And this could only be the beginning, considering that after the reopening of the trading period scheduled for September 16th to 22nd, MPS could further increase its stake in Piazzetta Cuccia, and major investors could decide to reposition themselves.
Mediobanca CEO Vinci: "MPS's stake could rise to 80%."
And it is precisely on the possible outcome of the offer after the reopening that the general manager of Mediobanca focused, Francesco Saverio Vinci, In his video message to employees: "We have a shareholder with 62-odd percent, we must acknowledge this and it's not an opinion. We know that there will be a reopening of the MPS offer and we know from our experience that reopenings lead to an increase in participation that will probably approach 80%”, said the manager according to which "many index-linked funds will be forced to reduce their Mediobanca stakes", he added. With such a large stake in MPS's hands, its participation "will be such that it will be it's hard to imagine keeping Mediobanca listed with such a small float, the ECB will probably also push for a merger.”
“The good thing is that there are no overlapsI believe that the merger could be the lesser evil Vinci then explained. "Imagining a path with two fairly different entities linked by a single shareholder base but incapable of achieving significant synergies would not be the best scenario for the bank, so ultimately the merger could leave room for redesigning a new banking group that takes into account the different souls of the two entities and is perhaps designed in a slightly more rational manner."
MPS, Vinci reiterated, "paid Mediobanca a reasonably high price" because "it evidently recognizes the quality of the entire group."
Towards the board meeting on September 18th
Meanwhile, September 18th is approaching, with the board that could resign already at the next Board of Directors meeting convened on that date. At that point, by October 3rd, MPS will have to compile the list of candidates for the new board to be presented to the shareholders' meeting on October 28th.
